- ArbitrumDAO proposed to upgrade its Layer 2 chains to Atlas, a version of the blockchain that supports Ethereum’s Dencun upgrade.
- The proposal was passed with a 51% majority of the 186.59 million votes cast by community members.
- ARB price rallied 8% on Tuesday, inching closer to its 2024 peak of $2.42.
Arbitrum DAO passed a proposal to upgrade its two Layer 2 blockchains to accommodate Ethereum’s upcoming Dencun upgrade. The community passed the proposal, and the chain is now gearing up for low-cost transaction processing on the Ethereum chain.
ARB price rallied in response to recent developments. The asset is trading at $2.1389 at the time of writing.
Also read: Arbitrum price resumes rally with Web3 gameathon plan for March
Arbitrum passes proposal to welcome Dencun upgrade
The ArbitrumDAO announced that the project has passed a proposal to upgrade Arbitrum One and Arbitrum Nova to ArbOS 20, “Atlas.” The blockchain platform asked node operators to upgrade their node to version 2.3.1 or higher before March 14, 2024, to avoid any downtime when Ethereum upgrades to Dencun.
The ArbitrumDAO proposal to upgrade Arbitrum One and Arbitrum Nova to ArbOS 20 “Atlas” has passed.
— Arbitrum Developers (,) (@ArbitrumDevs) March 4, 2024
All node operators must upgrade their Nitro node to version 2.3.1 or higher before March 14, 2024 to avoid downtime. https://t.co/neKNpKKd9Ahttps://t.co/Ge2eCTIzJi
The proposal includes several updates, including support for Dencun and Batch Poster improvements. The node upgrade is mandatory for Arbitrum’s operators as it will bring Layer 2 costs down for the chain’s users. Ethereum is set to activate its upgrade on March 13.
Scope Protocol, an AI data project shared research insights that reveals the Layer 2 narrative is likely to target the top three tokens in the ecosystem: Optimism (OP), Arbitrum (ARB), Stark (STRK).
It's important to note that Arbitrum (ARB), and Optimism (OP) have token unlocks scheduled near the Dencun upgrade. It remains to be seen whether this will have a bullish or bearish impact on ARB price in the days leading up to March 13.
2/
— 0xScope (@ScopeProtocol) March 5, 2024
The Alphas: $OP $ARB $STRK
As leaders of the Layer-2 space, traders in the L2 narrative will likely target these 3 tokens first. It's only a matter of when.
Also, $ARB & $OP will have major token unlocks near Dencun. Will these unlocks be bullish or bearish? Let's ask AI: pic.twitter.com/aMEB7Xi9Rm
ARB price is $2.1389, early on Tuesday and the asset has yielded nearly 11% weekly and 8% daily gains for holders.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.